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Friday, March 22, 2019 3:50:42 AM EDT

Industrial Production Updated 15-Mar-19 09:42AM ET

Industrial production increased just 0.1% in February ( consensus +0.4%) on the heels of an upwardly revised 0.4% decline (from -0.6%) in January.

The capacity utilization rate dipped to 78.2% ( consensus 78.5%) from an upwardly revised 78.3% (from 78.2%) in January.

The drop in manufacturing output was led by a 0.1% decline in durable goods manufacturing, which included a 1.9% decline in machinery, and a 0.7% decline in nondurable goods manufacturing, which was led by a 5.2% decline in petroleum and coal products.

The output of utilities jumped 3.7% on the heels of a 0.9% decline in January.

Mining output rose 0.3% for the second straight month.

On a year-over-year basis, total industrial production was up 3.5%. The capacity utilization rate is 1.6 percentage points below its long-run (1972-2018) average.

The key takeaway from the report is that manufacturing output remained weak, declining 0.4%, which was the second consecutive monthly decline.
Industrial Production
Total Index0.1%-0.4%0.1%0.6%0.1%
Capacity Utilization
Total Industry78.2%78.3%78.7%78.8%78.5%